Entered politics in 2005
Lost in Seongnam mayoral and general elections
Started official political career from 2010 Seongnam mayoral win
Basic Income, Housing, Finance
Basic series is his trademark
Shows drive in crisis moments
Concerns about instability and setbacks
[Asia Economy Reporters Oh Ju-yeon and Jeon Jin-young] Former leader Lee Nak-yeon, who had even raised objections over the interpretation of ‘invalid votes’ from candidates who withdrew mid-way in the Democratic Party primary, has ultimately accepted the results, paving the way for presidential candidate Lee Jae-myung (current Governor of Gyeonggi Province) to officially begin his presidential campaign. Immediately after Lee Nak-yeon’s concession declaration on the 13th, candidate Lee said, "Let’s shake off everything and run to create the 4th Democratic government," reaffirming his determination. Having gone through many twists and turns before becoming the ruling party’s presidential candidate, his growth process and political career were far from ordinary. Having passed through a poor childhood and known as a representative ‘heuksujeo’ (dirt spoon), he grew into a politician who advocates the philosophy of ‘eokgangbuyak’ (suppressing the strong and helping the weak). The youth basic income policy also has its roots in these experiences.
◆From Heuksujeo to Lawyer, and Then to Presidential Candidate: A Life Drama
After becoming a lawyer, he entered politics in 2005 but lost in the 2006 Seongnam mayoral election and the 2008 general election. His full-fledged entry into institutional politics began with his election as Seongnam mayor in 2010. In 2017, he ran in the presidential primary but was defeated by President Moon Jae-in, and in 2018 he ran for and was elected Governor of Gyeonggi Province. From then on, he was consistently regarded as a leading presidential contender, and he made the ‘basic series’ his trademark. This series centers on three pillars: basic income, basic housing, and basic finance.
Basic income is considered a radical policy that was not attempted even by previous administrations or the Moon Jae-in government, which was known for ‘income-led growth.’ If elected president, Lee plans to provide every citizen with 1 million KRW per year and youth aged 19 to 29 with 2 million KRW per year in non-refundable local currency during his term. The necessary funding of over 50 trillion KRW is planned to be secured through fiscal restructuring and budget cuts (25 trillion KRW), reduction of tax exemptions (25 trillion KRW), and the introduction of land holding tax and carbon tax. There is also a pledge to allow all homeless people to live for over 30 years at affordable rent close to construction cost. Of the 2.5 million houses to be supplied during his term, about 40%, or 1 million houses, will be provided as such basic housing. Additionally, the proposed basic finance includes offering all citizens a basic loan in the form of an overdraft account for up to 10 million KRW over 10 to 20 years, as well as introducing a basic savings system with interest rates higher than regular deposits and limits between 5 to 10 million KRW.
◆Catching Two Rabbits: Resolving Polarization and Revitalizing the Economy
Under the economic policy framework called ‘transitional fair growth,’ candidate Lee’s plan is to guarantee economic basic rights in income, housing, and finance sectors to simultaneously resolve polarization and revitalize the economy. However, concerns and controversies regarding feasibility and realism have already arisen. Issues range from whether it truly helps reduce inequality to the unavoidable need for large-scale tax increases to secure funding, which will likely expose him to sharp scrutiny during the main election stage. Within the party, pro-Moon (pro-Moon Jae-in) lawmakers have opposed the plan, saying it is too risky to implement as a national policy and cannot become the party’s official stance, indicating strong challenges from within his own base.
Nonetheless, having demonstrated strong driving force in times of crisis and earned a reputation as a ‘refreshing politician,’ he is expected to overcome obstacles with bold and decisive actions going forward. His breakthrough ability, exemplified by actions such as providing 100% disaster relief funds in Gyeonggi Province, removing illegal river facilities, and forcibly closing Shincheonji facilities despite opposition from the government and public opinion, is considered his greatest strength and a factor in rising approval ratings. However, his tendency to disregard political advantages and disadvantages may be interpreted as reckless or unstable, foreshadowing a challenging path ahead in the presidential race.
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